ADQ to invest $1 billion to help Lulu Group expand in Egypt

The Abu Dhabi-based Lulu Group mentioned on Monday that ADQ, a holding firm owned by the Abu Dhabi authorities, will make investments as much as $1 billion to assist its enlargement in Egypt.

Owned by NRI MA Yusuff Ali, the Lulu Group has 194 hypermarkets and purchasing malls throughout the GCC, Egypt and the far east.

In 2018, Ali bought the enduring London constructing that after housed the headquarters of Scotland Yard. The billionaire is likely one of the richest individuals within the UAE, with stakes within the East India Firm and Kerala-based Federal Financial institution. His group firm, Twenty Fourteen Holdings, which relies in Abu Dhabi, additionally purchased the 241-room Waldorf Astoria Edinburgh, The Caledonian.

ADQ and Lulu will work to develop as much as 30 hypermarkets and 100 categorical mini-market shops, in addition to logistics hubs, distribution and fulfilment centres to strengthen the retailer’s e-commerce enterprise throughout Egypt, Lulu mentioned in a communication.

This funding is over and above the US$ 1 billion ADQ had invested in Lulu Group earlier this 12 months.

Ali mentioned, “Egypt is an important development marketplace for us, and we see nice potential for our future enterprise there. Our settlement with ADQ will higher place us to proceed our fast enlargement of our operations throughout Egypt.”

H.E. Mohamed Hassan Al Suwaidi, chief government officer of ADQ, mentioned, “Our settlement with Lulu Worldwide Holdings displays our wider dedication to investing in Egypt, following the announcement of our joint funding platform with the Sovereign Fund of Egypt agreed late final 12 months. The phased roll-out of a number of retail shops would supply important socio-economic advantages to native communities throughout the nation, in addition to bolster the standard and vary of merchandise accessible to Egyptian customers.